1.Nigeria’s Emefiele Takes Credibility Knock With Unorthodox Move:
Nigeria’s central bank Governor Godwin Emefiele is at risk of losing credibility over a decision to ease monetary policy, while maintaining currency restrictions that are hurting the economy.Emefiele, 54, reduced the benchmark interest rate by 2 percentage points to 11 percent on Tuesday and lowered the cash reserve ratio to 20 percent to help support an economy struggling to cope with falling oil revenue. With importers blocked from accessing dollars, the liquidity boost may do little to increase output in manufacturing and other industries, while fueling inflation.
2.Energy Companies Risk $2.2 Trillion as Climate Goals Cut Demand:
Oil, natural gas and coal producers are risking $2.2 trillion by investing in projects for which there will be no demand if the world meets a United Nations target of limiting the rise in temperature to less than 2 degrees Celsius, a non-profit think tank said.
3.Asian Stocks Retreat as Japan Slides on Yen Amid Syria Tensions:
Asian stocks fell, dragged lower by Japanese shares as the yen gained after Turkey downed a Russian warplane, fueling demand for haven assets.The MSCI Asia Pacific Index lost 0.1 percent to 134.37 as of 9:02 a.m. in Tokyo. Japan’s Topix index slid 0.5 percent after the yen rose 0.3 percent against the dollar on Tuesday.
4.Volkswagen employees are being probed by tax authorities:
Five members of staff at VW are under investigation for tax evasion in a case linked to the German company’s massive emissions cheating scandal, prosecutors said.
5.The boss of UK Mail, the largest independent mail company in the UK, has stepped down:
Guy Buswell is leaving the company “with immediate effect” after 10 years in the role.
6.Toyota reissues recall for 1.6 million cars in Japan over airbags:
TOKYO (Reuters) – Toyota Motor Corp on Wednesday said it was reissuing a recall for around 1.6 million cars in Japan to check for possible faulty airbag inflators.
7.Britvic announced a slight revenue decline of 0.6% to £1.3 billion for the full year.
The beverage giant’s CEO Simon Litherland said “we have seen a slow start to the year, reflecting the continued challenging market conditions.
8.Microsoft enters minefield of Myanmar business with IT deal
Microsoft has stepped into the minefield of business in post-military era Myanmar by striking a deal with a conglomerate whose founder has long battled claims of involvement in the drugs business.
9.Airlines remit $5.57bn yearly from ticket sales in Nigeria:
No fewer than 27 foreign airlines flying into Nigeria are remitting over $5.556 billion yearly from the sales of ticket, an aviation expert, Mr. Gbenga Olowo, president of Sabre Network (West Africa), has said. He noted that out of the 48,433 seats available in the international weekly flights from four airports in Lagos, Abuja, Port Harcourt and Kano, Arik Air controls only 3,889.
10.Victoria Island leads rent decline in Lagos office market, slips 13% to $750/sqm:
Victoria Island, the sizzling central business district (CBD) in Lagos State, is leading decline in prime office rent that the Lagos property market has seen from the first up to the present quarter of this year, the latest report on Nigerian real estate market conducted by Cluttons Nigeria has revealed.